Business

Pakistan’s oil import bill goes beyond IMF projection as global prices spike

Published

3 months ago

July 20, 2026

Bilal

Pakistan’s yearly import bill for petroleum products has exceeded the International Monetary Fund’s (IMF) prediction for fiscal year 2025-26 following a dramatic spike in global crude oil prices due to escalating tensions in the Middle East.

The official data showed that the oil import bill in FY2025-26 stood at $16.86 billion, exceeding IMF’s prediction of $15.28 billion by $1.58 billion.

The statistics showed petroleum imports grew 5.76% on-year, as worldwide oil prices surged and the government continued to depend on imported energy to meet domestic demand.

The surge came amid jitters in oil markets over the dispute involving Iran, Israel and the United States and fears over shipping via the Strait of Hormuz, a critical waterway through which almost one fifth of the world’s oil supply passes. The uncertainty sent benchmark crude prices considerably higher in the closing months of the fiscal year, raising Pakistan’s import expenditures.

The IMF has estimated Pakistan’s petroleum import bill to be $16.31 billion for the ongoing fiscal year 2026-27. But analysts say the forecast might be under pressure if geopolitical tensions continue and global oil prices stay high.

The hike in import bill has also been reflected in domestic fuel prices with petrol and high speed diesel touching all time high levels in the past few weeks. The higher energy price is projected to stoke inflation, broaden the country’s import bill and boost demand for foreign currencies.

Pakistan’s economy is extremely sensitive to changes in the international energy prices as it imports the major portion of its crude oil and petroleum products. Along with machinery and edible oil, petroleum is among the country’s biggest imports. Petroleum is core to the trade imbalance and current account balance.

Despite the increasing petroleum import cost, the external sector of Pakistan remained reasonably stable in FY2025-26, aided by record workers’ remittances and tighter import management. But economists warn that a sustained period of high oil prices could make it more difficult to keep the macroeconomy stable and satisfy fiscal and external sector targets established with the IMF.

In official records, Pakistan’s oil imports have been estimated at $16.86 billion in FY2025-26, although the IMF had earlier put the figure at $15.28 billion for the year. The Fund’s revised predictions show imports could stay over $16 billion in FY2026-27, although the actual number will be primarily determined by international oil prices and domestic energy use.

Business

Jet fuel price rises by Rs9.05 per litre in Pakistan

Published

2 hours ago

October 4, 2026

Bilal

Jet fuel prices have once again increased in the country, along with the price of kerosene oil.

The price of jet fuel has been increased by Rs9.05 per litre, while kerosene oil has become Rs7.68 per litre more expensive.

Following the increase, the new price of jet fuel has been fixed at Rs355.52 per litre, while kerosene oil will now cost Rs329.54 per litre.

Meanwhile, according to a notification issued by the Petroleum Division, the price of petrol has also been increased by Rs2.10 per litre, taking its new price to Rs392.76 per litre.

Business

Govt sets deadline of 20th Oct for pilgrims to pay 2nd Hajj installment

Published

2 hours ago

October 4, 2026

Bilal

The religious affairs ministry stated late Friday that the federal government has fixed October 20 as the deadline for intending pilgrims selected under the government Hajj system to deposit the second installment of their pilgrimage dues.

ISLAMABAD: Pakistan has set aside 107,526 slots for the government plan, including 30,000 for a shorter package, and another 71,696 slots have been granted to the private scheme for next year’s Hajj.

The country on Aug. 25 completed online booking of all tickets in the government Hajj scheme, the first time the whole quota has been filled through a digital reservation system.

The ministry of religious affairs said in a statement on Friday that the applications of pilgrims for next year’s Hajj will be cancelled if they did not pay by the deadline.

“The dates for depositing the second installment of dues for Hajj pilgrims under the government scheme have been fixed from 5 October to 20 October, 2026,” the ministry said.

“If the second installment is not deposited within the deadline, then the Ministry said the pilgrim’s application will be cancelled and the amount deposited earlier will be refunded to the pilgrim’s account,” the Ministry said.

Under the government arrangement, pilgrims can pay the second payment of Hajj dues through the ‘Pak Hajj App’ or digital Hajj site within the stipulated deadline.

The government said that submitting the Hajj medical fitness certificate on the ‘Pak Hajj’ app or the digital Hajj portal was essential before depositing the second installment.

This year the government announced that pilgrims will pay Rs1.2 million ($4,334) for a 40-day Hajj package and Rs1.3 million ($4,695) for a shorter, 20- to 25-day package under the government system.

The first installment of dues for seats under the shorter government package was paid within 24 hours of the process starting on Aug 18 and the rest of the seats under the plan were booked by Aug 25.

Business

Petrol price goes up by Rs2.10, diesel by 30 paisa a liter:

Published

1 day ago

October 3, 2026

Bilal

– Petrol and diesel prices have been increased once again under the latest fuel-price revision.

The revised prices will take effect from October 3, 2026.

According to a notification issued by the Petroleum Division, the price of petrol has been increased by Rs2.10 per litre. Following the latest increase, petrol will now cost Rs392.76 per litre.

The price of high-speed diesel has also been raised by 30 paisa per litre, taking its new rate to Rs399.64 per litre.

The Petroleum Division said the announced rates are linked to movements in international petrol and diesel prices.

According to the notification, changes in the global market, Platts rates, premiums and other associated costs were taken into account when determining the revised prices.